Question: 1. Consider an example of a production function that relates the monthly production of widgets to the monthly use of capital and labour services. Suppose

1. Consider an example of a production function that relates the monthly production of widgets to the monthly use of capital and labour services. Suppose the production function takes the following specific algebraic form: Q -KL -(0.1)L2 where Q is the output of widgets, K is the input of capital services, and L is the input of labour services. a. Suppose that, in the short run, K is constant and equal to 10. Determine the corresponding output of widgets when L is 5, 10, 15, 20, 25, 30, 40, and 50. Using the values determined from part a, plot the values of Q and L on a diagram, with Q on the vertical axis and L on the horizontal axis. H

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